巴菲特致股东的信（1999年）⑬股东指定捐赠计划⑭年度股东大会

Shareholder-Designated Contributions

About 97.3% of all eligible shares participated in Berkshire's 1999 shareholder-designated contributions program, with contributions totaling $17.2 million. A full description of the program appears on pages 70 - 71.

股东指定捐赠计划

大约有 97.3%的有效股权参与 1999 年的股东指定捐赠计划，捐出的款项总计约 1720 万美元。过程的完整描述在第70 - 71页。

Cumulatively, over the 19 years of the program, Berkshire has made contributions of $147 million pursuant to the instructions of our shareholders. The rest of Berkshire's giving is done by our subsidiaries, which stick to the philanthropic patterns that prevailed before they were acquired (except that their former owners themselves take on the responsibility for their personal charities). In aggregate, our subsidiaries made contributions of $13.8 million in 1999, including in-kind donations of $2.5 million.

累计过去 19年以来，伯克希尔总计已依照股东意愿捐赠出高达 1.47 亿美元的款项，除此之外，伯克希尔还通过旗下的子公司进行捐赠，而这些慈善活动早在被我们并购以前就行之有年的(先前的老板个人负责的捐赠计划之外以外)，总的来说，我们旗下的子公司在 1999 年总计捐出 1380 万美元，其中包含 250 万美元等值的物品。

To participate in future programs, you must own Class A shares that are registered in the name of the actual owner, not the nominee name of a broker, bank or depository. Shares not so registered on August 31, 2000, will be ineligible for the 2000 program. When you get the contributions form from us, return it promptly so that it does not get put aside or forgotten. Designations received after the due date will not be honored.

想要参加这项计划者，必须拥有 A 级普通股，同时确定您的股份是登记在自己而非股票经纪人或保管银行的名下，同时必须在 2000 年 8 月 31 日之前完成登记，才有权利参与 2000 年的捐赠计划，当你收到表格后，请立即填写后寄回，以免被丢在一旁给忘记了，逾期恕不受理。

The Annual Meeting

This year's Woodstock Weekend for Capitalists will follow a format slightly different from that of recent years. We need to make a change because the Aksarben Coliseum, which served us well the past three years, is gradually being closed down. Therefore, we are relocating to the Civic Auditorium (which is on Capitol Avenue between 18th and 19th, behind the Doubletree Hotel), the only other facility in Omaha offering the space we require.

年度股东大会

今年资本家的 Woodstock 周末狂欢节将与以往的形态略有不同，由于前几年年会固定的举办地点 AkSarBen体育馆即将关闭，所以今年我们将移师市政礼堂(Civic Auditorium 位于首都街双树饭店旁)，全奥马哈地区大概只剩这里拥有足够我们使用的空间。

The Civic, however, is located in downtown Omaha, and we would create a parking and traffic nightmare if we were to meet there on a weekday. We will, therefore, convene on Saturday, April 29, with the doors opening at 7 a.m., the movie beginning at 8:30 and the meeting itself commencing at 9:30. As in the past, we will run until 3:30 with a short break at noon for food, which will be available at the Civic's concession stands.

由于市政礼堂位于奥马哈的市中心，可想而知要是我们于周末期间在那里举行股东会，铁定会造成停车与交通的梦魇，因此我们决定在 4 月 29 日周六举行股东会，大门会在早上 7 点开放，同时电影短片照例会在 8 点半播放，正式会议则从 9 点半开始，扣除中午短暂的休息时间，(市政礼堂外备有各类点心摊)，整个会议将一直进行到下午 3 点半。

An attachment to the proxy material that is enclosed with this report explains how you can obtain the credential you will need for admission to the meeting and other events. As for plane, hotel and car reservations, we have again signed up American Express (800-799-6634) to give you special help. In our normal fashion, we will run buses from the larger hotels to the meeting. After the meeting, the buses will make trips back to the hotels and to Nebraska Furniture Mart, Borsheim's and the airport. Even so, you are likely to find a car useful.

后面附有股东会开会投票的相关资料，向各位解释如何拿到入场所许的识别证，由于预期会有相当多的人与会，我们建议大家最好先预定机位与住宿，美国运通(电话 800-799-6634)将会很高兴为您提供相关安排服务，如同以往，我们会安排巴士接送大家往返各大旅馆与会场之间，并在会后接送大家到内布拉斯加家具店与波仙珠宝店或是到饭店与机场，当然你可能会觉得如何有一辆车就更方便了。

We have scheduled the meeting in 2002 and 2003 on the customary first Saturday in May. In 2001, however, the Civic is already booked on that Saturday, so we will meet on April 28. The Civic should fit our needs well on any weekend, since there will then be more than ample parking in nearby lots and garages as well as on streets. We will also be able to greatly enlarge the space we give exhibitors. So, overcoming my normal commercial reticence, I will see that you have a wide display of Berkshire products at the Civic that you can purchase. As a benchmark, in 1999 shareholders bought 3,059 pounds of See's candy, $16,155 of World Book Products, 1,928 pairs of Dexter shoes, 895 sets of Quikut knives, 1,752 golf balls with the Berkshire Hathaway logo and 3,446 items of Berkshire apparel. I know you can do better.

我们将2002年和2003年的会议安排在5月的第一个星期六。2001年由于市政礼堂的预定时间已提早被定走，所以我们被迫将时间改成 4 月 28 日，但明后年的股东会我们仍将按照惯例在 5 月的第一个周六举行，不论如何，市政礼堂应该能够满足我们的需要，因为周围拥有足够的停车位，同时提供的与会者空间将较以往宽敞许多，而我已成功克服了本身的商业坚持，我将保证各位在市政礼堂可以买到伯克希尔一系列的产品，去年的记录是大家总共买走了 3059 磅的糖果、16,155 美元的世界百科全书与相关出版品、1928 双 Dexter 鞋子、895 组 Quikut 小刀以及 1,725 颗上面印有伯克希尔 Logo 的高尔夫球和 3446件伯克希尔的衣服与帽子，我相信今年的成绩一定会更好。

Last year, we also initiated the sale of at least eight fractions of Executive Jet aircraft. We will again have an array of models at the Omaha airport for your inspection on Saturday and Sunday. Ask an EJA representative at the Civic about viewing any of these planes.

去年我们开始试着推出 EJA 公务机共享服务，今年的周六与周日，在奥马哈机场，我们仍将展示一系列的机队供大家参观，请到市政礼堂向 EJA 的业务代表洽询参观的事宜。

Dairy Queen will also be on hand at the Civic and again will donate all proceeds to the Children's Miracle Network. Last year we sold 4,586 Dilly® bars, fudge bars and vanilla/orange bars. Additionally, GEICO will have a booth that will be staffed by a number of our top counselors from around the country, all of them ready to supply you with auto insurance quotes. In most cases, GEICO will be able to offer you a special shareholder's discount. Bring the details of your existing insurance, and check out whether we can save you some money.

冰雪皇后也将再度在市政礼堂现场摆设摊位，同时将所得全数捐给儿童希望联盟，去年我们总共卖出4586 根 Dilly、雪花棒以及香草/橘子口味的巧克力棒。此外，GEICO 保险公司会再度派出各地区最优秀的业务员，在会场设立摊位，随时提供股东们汽车保单的报价，在大多数的情况下，GEICO 保险都可以提供给你一个相当优惠的股东折扣，各位记得将自己现在的投保资料带来，看看是否能帮自己省下一笔钱。

Finally, Ajit Jain and his associates will be on hand to offer both no-commission annuities and a liability policy with jumbo limits of a size rarely available elsewhere. Talk to Ajit and learn how to protect yourself and your family against a $10 million judgment.

最后阿吉特·贾恩跟他的同事也会在现场受理巨额无佣金年金与责任保险的服务，其最高上限是你在别的地方所找不到的，记得找阿吉特聊聊如何帮你自己及家人规避 1000 万美元以上的潜在风险。

NFM's newly remodeled complex, located on a 75-acre site on 72nd Street between Dodge and Pacific, is open from 10 a.m. to 9 p.m. on weekdays and 10 a.m. to 6 p.m. on Saturdays and Sundays. This operation offers an unrivaled breadth of merchandise -- furniture, electronics, appliances, carpets and computers -- all at can't-be-beat prices. In 1999 NFM did more than $300 million of business at its 72nd Street location, which in a metropolitan area of 675,000 is an absolute miracle. During the Thursday, April 27 to Monday, May 1 period, any shareholder presenting his or her meeting credential will receive a discount that is customarily given only to employees. We have offered this break to shareholders the last couple of years, and sales have been amazing. In last year's five-day "Berkshire Weekend," NFM's volume was $7.98 million, an increase of 26% from 1998 and 51% from 1997.

内布拉斯加家具店位于道奇街与太平洋街，新扩建的大卖场占地 75 英亩，营业时间平日从早上 10 点到下午9 点，周六及周日则从早上 10 点到下午 6 点，提供各式各样的产品，举凡家具、电子产品、小家电、地毯以及计算机，全部都以超低的价格供大家选购，内布拉斯加家具店 1999 年单店的营业额超过 3 亿美元，以奥马哈区区67.5 万都会人口而言，实在称得上是个商业奇迹，在 4 月 27 日到 5 月 1 日股东会期间，股东只要持随股东大会通知单附赠的优惠券到内布拉斯加家具店购买各类商品，都可获得员工价的优惠，自从这项优惠推出以来，销售业绩十分惊人，以去年股东会的五天期间，内布拉斯加家具店的营业额高达 798 万美元，较前两年分别增加 26%及 51%。

Borsheim's -- the largest jewelry store in the country except for Tiffany's Manhattan store -- will have two shareholder-only events. The first will be a champagne and dessert party from 6 p.m.-10 p.m. on Friday, April 28. The second, the main gala, will be from 9 a.m. to 6 p.m. on Sunday, April 30. On that day, Charlie and I will be on hand to sign sales tickets. Shareholder prices will be available Thursday through Monday, so if you wish to avoid the largest crowds, which will form on Friday evening and Sunday, come at other times and identify yourself as a shareholder. On Saturday, we will be open until 7 p.m. Borsheim's operates on a gross margin that is fully twenty percentage points below that of its major rivals, so be prepared to be blown away by both our prices and selection.

波仙珠宝在全美单店营业额仅次于纽约曼哈顿蒂芙尼的珠宝店，在股东会期间将会有两场专为股东举办的展览会，第一场是在 4 月 28 日的鸡尾酒会，时间从下午 6 点到晚上 10 点，第二场大型售卖活动则在 4 月 30日举行，从早上 9 点到下午 6 点，当天查理跟我也会出席，在现场接受大家凭发票索取签名，在周四到周一的股东会期间，波仙都将提供股东特惠价，所以如果你希望避开周五晚上到周日的拥挤人潮，你可以在其它的时间上门光顾，记得表明股东的身份，周六我们会营业到晚上 7 点，波仙的经营毛利要比其它主要竞争对手要低 20%以上，所以请大家准备好席卷我们所有的商品吧！

In the mall outside of Borsheim's, we will again have Bob Hamman -- the best bridge player the game has ever seen -- available to play with our shareholders on Sunday. We will also have a few other experts playing at additional tables. In 1999, we had more demand than tables, but we will cure that problem this year.

照例桥牌界的传奇性人物 Bob Hamman 将会在周日下午出席在波仙珠宝店外面大厅举办的一场桥牌大赛，除此之外还会有其它桥牌高手与股东们同乐，1999年由于参加人数比预期多，造成牌桌不够，今年我们将改善这个问题。

Patrick Wolff, twice US chess champion, will again be in the mall playing blindfolded against all comers. He tells me that he has never tried to play more than four games simultaneously while handicapped this way but might try to bump that limit to five or six this year. If you're a chess fan, take Patrick on -- but be sure to check his blindfold before your first move.

国际象棋两度冠军 Patrick Wolff 也会再度在会场蒙眼与所有挑战者对奕，他向我透露，他从来没有这样与四位以上的对手下棋，不过他今年会试着挑战同时对付五位甚至是六位对手，如果你也是个棋迷，记得到现场找Patrick 挑战，但在下棋前记得要确定他的眼睛是否真的蒙住了。

Gorat's -- my favorite steakhouse -- will again be open exclusively for Berkshire shareholders on Sunday, April 30, and will be serving from 4 p.m. until about midnight. Please remember that you can't come to Gorat's on Sunday without a reservation. To make one, call 402-551-3733 on April 3 (but not before). If Sunday is sold out, try Gorat's on one of the other evenings you will be in town. I make a "quality check" of Gorat's about once a week and can report that their rare T-bone (with a double order of hash browns) is still unequaled throughout the country.

我个人最爱的 Gorat's 牛排馆为了伯克希尔股东年会破例在 4 月 30 日周日开门营业，从下午 4 点开始营业，一直到午夜，请记得事先预定，周日若没有定位的人请勿前往，要预约请在 4 月 3 日以后打电话(402-551-3733)，若定不到当天的位子，也可以试试其它晚上，每个周我都会到 Gorat 做一次品质检查，而我可以向各位保证它的丁骨牛排加上双份的牛肉丸仍然是全美之最。

The usual baseball game will be held at Rosenblatt Stadium at 7 p.m. on Saturday night. This year the Omaha Golden Spikes will play the Iowa Cubs. Come early, because that's when the real action takes place. Those who attended last year saw your Chairman pitch to Ernie Banks.

按照往例棒球赛将于周六晚上在 Rosenblatt 体育馆举行，今年奥马哈金钉鞋队将对上爱荷华小熊队，记得早一点来，因为重头戏在一开始就会出现，去年有参加的人都知道，本人一开球就把球砸在 RrnieBanks 的身上。

This encounter proved to be the titanic duel that the sports world had long awaited. After the first few pitches -- which were not my best, but when have I ever thrown my best? -- I fired a brushback at Ernie just to let him know who was in command. Ernie charged the mound, and I charged the plate. But a clash was avoided because we became exhausted before reaching each other.

这样的结果证明这是运动界期待已久的大对决，在前面几次不痛不痒的投球之后，(当然是因为我还没有使出绝招，只是不知道我的绝招何时才会出现！)，我狠狠地将球砸要 Ernie 的背上，好让他知道谁才是老大，Ernie 立刻冲向投手丘，我也不甘示弱往本垒板前进，可惜的是在正面对决之前，两人早已精疲力竭。

Ernie was dissatisfied with his performance last year and has been studying the game films all winter. As you may know, Ernie had 512 home runs in his career as a Cub. Now that he has spotted telltale weaknesses in my delivery, he expects to get #513 on April 29. I, however, have learned new ways to disguise my "flutterball." Come and watch this matchup.

Ernie 对于他去年的表现感到非常不满意，所以整个冬天都在研究比赛时的录像带，大家可能知道，Ernie 在小熊队时代拥有生涯 512 支全垒打的惊人记录，现在据可靠消息指出，他已经找到我投球的弱点，准备在 4 月 29 日当天挥出第 513 支全垒打，不过我也不是弱鸡，准备将我拿手的上飘球加以改良，记得到现场观赏这场精彩的大对决。

I should add that I have extracted a promise from Ernie that he will not hit a "come-backer" at me since I would never be able to duck in time to avoid it. My reflexes are like Woody Allen's, who said his were so slow that he was once hit by a car being pushed by two guys.

不过我也已经得到 Ernie 的保证，不会回敬我飞奔而来的滚地球，因为我实在是没有能力躲过，我的反应神经跟伍迪艾伦一样差，据说他曾经被一辆用两人手推的车子撞到。

Our proxy statement contains instructions about obtaining tickets to the game and also a large quantity of other information that should help you enjoy your visit in Omaha. Join us at the Capitalist Caper on Capitol Avenue.

股东会资料将告诉大家如何取得球赛入场的门票，以及有关本次会议期间大量的旅游信息，股东会场见！

Warren E. Buffett
Chairman of the Board
March 1, 2000

沃伦.巴菲特
董事会主席
2000年3月1日

Shareholder-Designated Contributions About 97.3% of all eligible shares participated in Berkshire's 1999 shareholder-designated contributions program, with contributions totaling $17.2 million. A full description of the program appears on pages 70 - 71.